Israel poised to be global financial services leader

Off the back of comprehensive reforms in the retail banking industry, Israel could now have the tools in place to become a significant global player in financial services and technology.

Israel is experiencing major leaps forward in the digital finance space with technology transitions, information sharing process and revamped business models, putting it in a firm place to become not only an Asian leader, but a global leader, according to the Bank of Israel.

Bank of Israel chief information officer, Avner Ziv, said the small Israeli market and centralized financial sector meant the push for change had to come from banks themselves.

“There is no doubt that technology is going to play a transformative role and change the face of the banking industry over the next decade. In this changing environment I believe that central banks should facilitate these changes and make sure that they happen in a way that doesn’t put financial stability at risk,” he said.

“Cyber and [the] Internet era present a real opportunity for Israel to use its resources to become a significant global player in financial services.

Ziv said banks would face major challenges as they moved forward in 2017 and should focus on a “fintechicise” process in order to stay ahead of the innovation race.

“They should make sure that the technologies they adapt will contribute to their streamlined business models, and that this efficiency will be rolled over to the clients in lower prices and higher quality of services,” he said.

“Banks will [also] have to make sure they are ready to defend their business in the cyber frontier.”

Ziv said highly qualified technology professionals and commercial connections across the Western world would see the country rise as a force to be reckoned with in financial services.

“Our commercial and cultural connections to the western world are very strong…combined with a very healthy drive for innovation.”

“The Internet medium can help us provide technology and financial services globally, while overcoming the geographic barriers that come from our location in the Middle East.”

 

 

Related Stories

Israeli start-up to get funding from Taiwan’s SCSB
Taipei is being named as a major world hotspot for technology and innovation and is partnering with... Read More
The benefits of cloud technology as an enabler for the utilisation of various innovative offerings in the financial technology space could see it put as the forefront of necessary business strategy overhauls.
Call to embrace benefits of cloud enablement
Advisers and finance professionals are at risking getting out of touch with the industry as it... Read More
The Australian bank with the most digitally-active customers, ING Direct, has this week announced the launch of payments platform Apple Pay for its orange everyday customers.
ING Direct to launch Apple Pay offering
Increasing demand for digital payments from ING Direct customers will see the introduction of Apple... Read More
The Cambridge Centre for the Alternative Finance at University of Cambridge, the Australian Centre for Financial Studies at Monash University, and the Graduate School at Tsinghua University are teaming up with industry bodies across the Asia-Pacific and l
Major associations to launch alternative finance study
The Cambridge Centre for the Alternative Finance at University of Cambridge, the Australian Centre... Read More

Comments